Tooblue Ltd., a Canadian-controlled private corporation, filed its tax return for its year ended December 31, 20X6 on June 30, 20X7. The Notice of Assessment was received August 31, 20X7. The sending date on the Notice of Assessment was August 28, 20X7.
1) Assuming there were no misrepresentations and that a waiver was not filed, how long does the CRA have to issue a reassessment for Tooblue Ltd.’s 20X6 taxation year? Income tax reference: ITA 152(3.1).
2) If Tooblue Ltd. wishes to object to the original Notice of Assessment for the 20X6 taxation year, by what date must the Notice of Objection be filed? Income tax reference: ITA 165(1).